Draw stud assemblies are typically used in conjunction with a knockout punch tool for creating holes in a workpiece. Such draw stud assemblies usually include a draw stud, a punch threaded to a first end of the draw stud, a die through which the draw stud extends, and a connector threaded to a second end of the draw stud to facilitate attachment of the draw stud assembly to a movable piston of the punch tool. In operation, the punch is first threaded to the first end of the draw stud, and the draw stud is inserted through a pre-made hole in the workpiece having a nominal diameter sufficient to fit the draw stud. The die is then inserted over the draw stud and onto the workpiece, with the threaded second end of the draw stud protruding through a hole in the die. The connector is then threaded to the second end of the draw stud to secure the draw stud assembly onto the workpiece, and the connector is attached to the movable piston of the punch tool before the punch tool is actuated. After the punch creates a hole in the workpiece, the draw stud assembly must be disassembled by unthreading the connector, the punch, or both from the draw stud before being reassembled again for a subsequent punching operation.